The Federal Executive Council (FEC) has approved the appointment of transaction parties for the one billion dollars Eurobond to be issued in January, 2017.
Speaking after the Federal Executive Council (FEC) meeting on Wednesday, the Minister of Finance Mrs Kemi Adeosun identified the transaction parties as Citigroup, Standard Chartered Bank, Stanbic IBTC, Whiten case, Banwo and Ighodalo and Africa Practices Communications Advisers.
Accompanied by Minister of Information Lai Mohammed and Minister of the Environment Mrs Amina Mohammed, Adeosun said: “The one billion Eurobond programme is part of the funding for 2016 budget and we hope to be able to commence the process in January. We obtained certificate of no objection from the Bureau of public procurement (BPP) for the appointment of those parties, having undertaken full competitive open tender process.
“We are confident that we will be able to complete the transaction expediently with significant interest. The oil price stability obviously is helping us. Currently, there is a bit of demand for emerging market papers,” said the minister
The Minister said: “Angola came out in November with bench UAD I.56 and Gabon in June did 8.25 plus, Ghana in September did 9.25. We are expecting to get quite a competitive pricing on the issuance programme, which I said is to be used for the purpose of funding capital projects in the 2016 budget within the month of January.
“The other thing to note is that these parties that have been appointed would run any Eurobond issuance programme that we do for the next three years so that we don’t have to keep on retendering, unless there is a major problem with any of them they will be our parties for the next three years.”
